14 September 2011 17:39 [Source: ICIS news]
HOUSTON (ICIS)--Huntsman will further restructure its textile chemicals businesses in ?xml:namespace>
In addition to the currency effect – with “at least $50m [€37m] of annual headwind” for Huntsman – the textile chemicals business is faced with sluggish demand in some segments, said chief financial officer Kimo Esplin.
“We would expect this business to get worse before it gets better,” Esplin told analysts at a webcast investor conference in
Primarily, Huntsman needs to further restructure its Swiss manufacturing footprint as
Esplin told analysts to expect Huntsman taking restructuring charges as it tries to turn the textile chemicals business around.
While textile chemicals is “not something we have to have,” Huntsman believes it can be fixed, Esplin added.
The restructuring will come on top of Huntsman having already cut some 1,200 jobs in textile chemicals in recent years, he added.
In 2009, Huntsman moved the headquarters of the global textile chemicals business from
In related news,
($1 = €0.73)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|